I would be doing readers a disfavor if I paint a lopsided picture of the country. So allow me to break from my regular programming and share the Philippines (or as a self-respecting citizen would rather present it) by the numbers and through rather neat clips and images (embedded).
The Philippines has enjoyed roughly 6.5% GDP growth annually for the last 6 years. It has been upgraded to investment grade by the big three credit rating agencies namely: Standard & Poor's(S&P), Moody's, and Fitch Group.
START of the boring part- Services are the biggest sector of the Filipino economy and account for 57 percent of total GDP. Within services, the most important segments are: trade, household goods, real estate, business activities, transport, motor vehicle repair and services and communication. Industry accounts for 31 percent of GDP. Within industry, manufacturing (22 percent of total GDP) and construction (5 percent) are the most important. Agriculture contributes the remaining 12 percent of GDP. (Source: Tradingeconomics.com) -END of the boring part.
Other notable trends: The Philippine automotive sector continued its strong rally throughout 2014 as vehicle sales rose 30 percent to 234,747 units. (Inquirer) For the sixth straight year, the local stock barometer: The Philippine Stock Exchange Composite Index (PSEi) ended on a higher note, rising by more than 22 percent in 2014. From about 2,000 points in 2009, the index is now hovering at 7,000 points (late 2015). That's close to a "how did-I-miss-that" 50% gain yearly! Financial institutions are strong and many publicly traded corporations have posted high double-digit growth annually.
In a populous country where per capita income still lags behind globally, poverty is still a painful predicament of 20-30% of the population! Poverty alleviation programs are currently planned and implemented by the public, private and international sectors. It is a long and arduous road but the good news: many private individuals and institutions extend a helping hand.
Here are embedded videos and images to give you snapshots of the developed face of the country to hopefully balance the rustic scenes I normally cover in this blog.
I'll be adding to the images of the biggest business districts in the Philippines as they become available.